Portfolio Update

Merchants Trust PLC
08 June 2004




                                    THE MERCHANTS TRUST PLC

                               TOP 10 HOLDINGS AS AT 28 MAY 2004

Stock Name                                                           Market Value            %
                                                                           £

BP                                                                     43,236,375          9.06
HSBC                                                                   31,955,500          6.70
GlaxoSmithkline                                                        30,210,000          6.33
Royal Bank of Scotland                                                 23,222,700          4.87
Shell Transport and Trading                                            21,999,150          4.61
Barclays                                                               19,305,300          4.04
HBOS                                                                   16,422,000          3.44
BT                                                                     15,097,500          3.16
Lloyds TSB                                                             14,481,600          3.03
Land Securities                                                        10,179,000          2.13

Gross Assets                                                          486,275,371


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

 8 June 2004









                      This information is provided by RNS
            The company news service from the London Stock Exchange